RICHMOND, Va. (WRIC) — The Richmond City Council on Monday approved the sale of the city’s Public Safety Building on Clay Street, paving the way for a $325 million redevelopment.
Capital City Partners, LLC purchased the building and the three acres of land it sits on from the city for $3,520,456. The development, when completed, will be anchored by VCU Health System, The Doorways and Ronald McDonald House Charities. The cost associated with demolishing the current building and reconstructing Clay Street between 9th and 10th Streets was also factored into the final sale price.
“My administration was glad to work with City Council and Capital City Partners, LLC to create this great win for Richmond,” Richmond mayor Levar Stoney said. “The project will aid minority businesses, create child care slots for Richmond families, fund scholarships for graduates of Richmond Public Schools, and generate nearly $56 million in new revenue for the city’s General Fund over the first 25 years.”
Capital City Partners was the developer involved with the Navy Hill proposal, which wanted to redevelop much of the downtown area where the shuttered Richmond Coliseum rests. CCP submitted its unsolicited $350 million proposal for the Public Safety Building redevelopment in May 2020.